
How is e-invoicing Evolving in Europe?
In order to cope with the continually changing regulations, Europe is increasingly switching to e-invoicing.
By
CIO Applications Europe | Friday, April 10, 2020

In order to cope with the continually changing regulations, Europe is increasingly switching to e-invoicing.
FREMONT, CA: Change does not happen overnight, however, and adopting new policies and procedures is never easy, especially when it comes to record-keeping. With such uncertainties, many businesses across Europe are joining the e-invoicing bandwagon. Every business in Europe is now eyeing e-invoicing, as these digitized invoicing processes promise enormous cost savings of between 60 and 80 per cent compared to paper-based invoicing processes. The positive side effects that switching to e-invoicing creates are reduced entry errors, shortened processing times, and increased cash discounts.
The European digital agenda has been promoting e-invoicing as a priority technological development within the common market for the past few years. However, it is the advantages of e-invoicing that add to its increasing popularity. One of the significant benefits of e-invoicing is its enormous cost-saving potential that it brings to the companies. Printing and shipping costs are eliminated, invoices can be delivered faster, and errors in incoming invoice processing are reduced. If there is an order reference to an invoice, the invoice can be booked automatically. In addition, the use of e-Invoicing in Europe is found to shorten the time from invoicing to payment and thus increases the liquidity of the supplier.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Each EU country has a unique approach to e-invoicing. They differ in the policy framework and their strategy for receiving and processing invoices. However, it is found that the collaborative space that e-invoicing provides enables stakeholders interested in e-invoicing policy and market development to exchange experience and best practice on cross-border e-invoicing. It is open for use by the e-invoicing user community including, all public administrations and private actors related to e-invoicing in Europe, to disseminate information, co-create, and learn from one another.
The Commission-funded European Committee for Standardization (CEN) runs a number of activities on issues related to e-invoicing implementation. Under CEN, EU funding is available to support e-invoicing activities. Given all these, adopting e-invoicing can be a significant first step of organizations' digital transformation journey and a critical step to ensure that business operations are efficient and scalable to support future growth.
Check out: CIOReview Europe
More in News
Weekly Brief
I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from CIO Applications Europe
THANK YOU FOR SUBSCRIBING


